Sany aims to triple overseas sales within 5 years
Firm wants to grow proportion of foreign sales from 15% to 40-50%
Chinese construction equipment manufacturer Sany aims to triple its overseas sales in the next five years, said the company's chairman, Liang Wengen, according to a report by Xinhau.
Speaking in a group interview on the sidelines of the congress of the Communist Party of China, Wengen said that Sany was targeting its overseas sales to reach 40-50% within five years, up from the 15% projected for 2012. The growth includes sales through Putzmeister and other acquired subsidiaries.
Liang was one of 27 delegates from the private sector to attend the congress, which will elect a new Chinese president.
He said that overseas sales this year are expected to amount to $1.6 billion. Within ten years, Sany plans to increase its total sales to $48 billion (300 billion yuan).
Based on 2011 revenue, that would make Sany the second-largest equipment manufacturer in the world, behind Caterpillar, which last year had revenue of $60.1 billion. Komatsu, the second largest, had revenue of $21.5 billion.
In 2011, Sany had revenue of $7.861 billion, and was ranked by KHL Group as the sixth-largest manufacturer in the world.